What are the Signs that a Business Needs an Audit?
Several indicators suggest that a business may need an audit:
1. Unexplained Financial Discrepancies: Frequent or significant unexplained discrepancies in financial records. 2. Regulatory Changes: New laws or regulations that affect the business. 3. Rapid Growth: Rapid expansion or significant changes in operations and structure. 4. Stakeholder Requests: Requests or concerns from investors, lenders, or other stakeholders. 5. Operational Issues: Persistent operational inefficiencies or internal control weaknesses.